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PSU can't afford the Beaver Stadium renovation -Fenchak

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Of course they can afford any stadium renovations or expansions that they fancy.

They just have to use the normal funding procedure:

Step 1 - Spend whatever your want. It doesn't matter if you spend on a new deputy assistant to the chief diversity officer or millions for Old Main lawn shrubs or stadium renovations or an extension to the professors' sabbatical time or a new degree program in Left-Handed Peruvian Orchid Growers of the late Sixteenth Century. There is no limit on what the university can spend for any program or cause they can dream up.
Step 2 - Whine like crazy that the state isn't "paying their fair share" and the university is under-funded.
Step 3 - When the state doesn't come up with the dough then raise tuition to get the money and whine some more that the tuition hike was due to state under-funding.

That is the normal 3-step process and can be used for any stadium renovation they can dream up.
 
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PSUSignore said:
IIRC that part was for the top priority winterizing work, in order to be able to keep the stadium open later in case we were to be in position to host a home playoff game.
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Yep, it is for winterizing all water and sewer lines, concession stands, improving some bathrooms, insulating various sections, and IIRC upgrading concessions.

If they incorporate upgrades with classrooms and multi use auditorium/meeting rooms those could all help generate considerable income. Imagine corporate, nonprofit, professional associations all attending quarterly meetings there which include tours of the stadium.

I was on the exec committee of the BoD for a statewide association and we met at least once a year staying at the Nittzny Lion Inn. Usually brought in 250-300 people for a four day event and cost a lot to rent facilities. And there are at least 100 such organizations.
 
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bison13 said:
he's right
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Short term they can probably raise the money somehow. The question is paying it back. Will PSU football be able to sustain the current level of interest in the future? Will TV continue to be the cash cow it has been? Will NIL become too expensive/ cause current fans to lose interest in the sport?
 
IANit said:
Short term they can probably raise the money somehow. The question is paying it back. Will PSU football be able to sustain the current level of interest in the future? Will TV continue to be the cash cow it has been? Will NIL become too expensive/ cause current fans to lose interest in the sport?
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I have a feeling as college football rushes toward the cliff of becoming more of a NFL lite/ pro model you will see interest significantly decrease over the years.

That may really hinder paying back this massive debt if they are just assuming that the status quo will continue and they can just up prices ($100 to park in a cow field anyone?) to help pay down debt.

On top of that, decreasing capacity may not be the best idea either. That just cuts down a revenue stream when they need to maximize profits.
 
We are in a tough spot. Can we afford to do it with massive future payouts on the horizon to settle the NCAA NIL lawsuit? And by not doing it are we putting the current massive football revenue stream in jeopardy? Despite the fears professed on this board, college football is as popular now as it’s ever been, and there’s no sign that that it is going to diminish ay places like PSU, OSU, Bama, etc. And it’s true that our football program increases the popularity and visibility of the university overall. I’m sure that value has been measured at some point.
 
You have to winterize the stadium no matter what; otherwise, what happens if you make the playoff and can't host? You play in Philly or Pittsburgh and lose money off the potential extra home game.

You can fix home attendance by improving the OOC schedule as well and turn those 80K attended pay-for-a-win type of games into a better attraction. Even if you don't sign up a top 25 team, WVU proves people will be in the seats. Buy these as 1 offs or do home/home. Just get the crappy ones off the schedule.

Decisions have to be made. Way too many administrators getting 6 figures who produce NOTHING. Are there stories about the other schools being unable to fund this sort of stuff? Ya know, the schools we believe we belong with in discussion.
 
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LemonEars said:
Of course they can afford any stadium renovations or expansions that they fancy.

They just have to use the normal funding procedure:

Step 1 - Spend whatever your want. It doesn't matter if you spend on a new deputy assistant to the chief diversity officer or millions for Old Main lawn shrubs or stadium renovations or an extension to the professors' sabbatical time or a new degree program in Left-Handed Peruvian Orchid Growers of the late Sixteenth Century. There is no limit on what the university can spend for any program or cause they can dream up.
Step 2 - Whine like crazy that the state isn't "paying their fair share" and the university is under-funded.
Step 3 - When the state doesn't come up with the dough then raise tuition to get the money and whine some more that the tuition hike was due to state under-funding.

That is the normal 3-step process and can be used for any stadium renovation they can dream up.
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You forgot the 4th step.
Step 4 - Admit more Chinese Communist Party students at the expense of in-state students who do not pay as much tuition (or kickbacks).
 
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IANit said:
Short term they can probably raise the money somehow. The question is paying it back. Will PSU football be able to sustain the current level of interest in the future? Will TV continue to be the cash cow it has been? Will NIL become too expensive/ cause current fans to lose interest in the sport?
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in reality the university can backstop any debt incurred by the athletic department via the endowment. At last count, before the stock market runup, there were reports that the endowment was in the $4billion range...must be higher now.
The university overall has plenty of money. It just depends on how they financially engineer it....don't they have a department of business finance? Surely there must be some PhD who can think out of the box..
 
psu00 said:
On top of that, decreasing capacity may not be the best idea either. That just cuts down a revenue stream when they need to maximize profits.
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That will be more than offset by the increase in expensive premium seating options. General seating prices will probably also go up. When the pricing comes out after this renovation, the message boards are going to lose their minds.
 
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PSUSignore said:
That will be more than offset by the increase in expensive premium seating options. General seating prices will probably also go up. When the pricing comes out after this renovation, the message boards are going to lose their minds.
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I can’t believe there hasn’t been more reaction to the seating survey that came out last year.
 
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PSUSignore said:
That will be more than offset by the increase in expensive premium seating options. General seating prices will probably also go up. When the pricing comes out after this renovation, the message boards are going to lose their minds.
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True but why cut seats for that? If you keep the 7,000 or so seats that’s 7,000 more where you can charge those inflated prices. It’s lost money.

I can’t wait to see the reactions when the prices for everything from tickets, NLC fees, concessions, parking, etc go through the roof. I wouldn’t be shocked to see $100 to park in a cow field or some color coded version of the grass fields like the stadium where you pay an increasing fee for the possibility to buy a parking ticket in 1 field compared to another. 😳
 
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Board approved it (surprise, they'll all get paid for their various interests in construction in the area). They released an artists rendition today. This is what $700m buys you! :

GOHEJ-IWYAAyLTZ
 
The days of naming anything of significance "Paterno" are about as likely as that statue showing up. I heard they were going to repurpose the bronze as fancy bathroom bathroom hardware for the remod to help offset costs.

Maybe some government body will enact some form of child protection legislation and call it the Paterno-Sandusky act, but don't count on Joe's name on anything more positive than that.
 
psu00 said:
True but why cut seats for that? If you keep the 7,000 or so seats that’s 7,000 more where you can charge those inflated prices. It’s lost money.

I can’t wait to see the reactions when the prices for everything from tickets, NLC fees, concessions, parking, etc go through the roof. I wouldn’t be shocked to see $100 to park in a cow field or some color coded version of the grass fields like the stadium where you pay an increasing fee for the possibility to buy a parking ticket in 1 field compared to another. 😳
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Almost there to your $100 parking cost. Bought single game parking today at special time for season ticket holder. Base price was $80 plus 10% adder service charge. $88 to park in one of the 3 most remote grass lots (11,25 or 36)
 
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crm114psu said:
The days of naming anything of significance "Paterno" are about as likely as that statue showing up. I heard they were going to repurpose the bronze as fancy bathroom bathroom hardware for the remod to help offset costs.

Maybe some government body will enact some form of child protection legislation and call it the Paterno-Sandusky act, but don't count on Joe's name on anything more positive than that.
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Yep. We live in a time where the elites think that the world revolves around virtue signaling. Truth and reason take second place to any opportunity for virtue signaling.
 
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PSU4U said:
They can't afford not to do it. Talk about being short sighted.
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I understand that there's an arms race in D1 college football but does it have to be $700 million or nothing? I bet a lot could be done to materially improve the press box, concessions, etc for half that amount.

At this rate the next step will be to install an Olympic style pool and spa adjacent to the Lasch Building.
 
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bdroc said:
I understand that there's an arms race in D1 college football but does it have to be $700 million or nothing? I bet a lot could be done to materially improve the press box, concessions, etc for half that amount.

At this rate the next step will be to install an Olympic style pool and spa adjacent to the Lasch Building.
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I thought it should have been a billion or more to get a new stadium. But it is what it is and I'll take. Doubt I will be here to see. I'm 76 lol.
 
bdroc said:
I understand that there's an arms race in D1 college football but does it have to be $700 million or nothing? I bet a lot could be done to materially improve the press box, concessions, etc for half that amount.

At this rate the next step will be to install an Olympic style pool and spa adjacent to the Lasch Building.
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But much of what they are doing will increase revenue by having it used more than eight times per year.
 
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The Spin Meister said:
But much of what they are doing will increase revenue by having it used more than eight times per year.
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I certainly didn't manage projects this big during my career but I have a lot of experience of people telling me we needed to buy new equipment or develop new products in order to increase revenues. It was my job to make sure we didn't spend more than we could possibly recover. That's my concern here.

One more football game or one more concert each year isn't going to pay for a $700 million upgrade. I wonder how many people are going to travel to State College for a playoff game in January. Tailgating sure wouldn't be the same. Maybe I underestimate the revenue growth that will come from media rights due to PSU being more competitive. I just don't think 1 or 2 more events will cover the cost.
 
bdroc said:
I certainly didn't manage projects this big during my career but I have a lot of experience of people telling me we needed to buy new equipment or develop new products in order to increase revenues. It was my job to make sure we didn't spend more than we could possibly recover. That's my concern here.

One more football game or one more concert each year isn't going to pay for a $700 million upgrade. I wonder how many people are going to travel to State College for a playoff game in January. Tailgating sure wouldn't be the same. Maybe I underestimate the revenue growth that will come from media rights due to PSU being more competitive. I just don't think 1 or 2 more events will cover the cost.
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It will be more than one or two events….. my opinion only. No insider information here. Didn’t talk to cousin’s neighbor that works with son in law of the beautician for the wife of a board members secretary.

But they are putting in meeting rooms that can be rented out every week. Multiple groups would love to meet at the stadium if a tour is included.

Have classrooms there. Would be cool to have a restaurant with a view of the field with highlights playing in the big screens.

Would be awesome if they put in some suites that could be put on AirBNB or VRBO.

It’s a massive facility beloved by millions. Crazy not to monetize that.
 
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bdroc said:
I certainly didn't manage projects this big during my career but I have a lot of experience of people telling me we needed to buy new equipment or develop new products in order to increase revenues. It was my job to make sure we didn't spend more than we could possibly recover. That's my concern here.

One more football game or one more concert each year isn't going to pay for a $700 million upgrade. I wonder how many people are going to travel to State College for a playoff game in January. Tailgating sure wouldn't be the same. Maybe I underestimate the revenue growth that will come from media rights due to PSU being more competitive. I just don't think 1 or 2 more events will cover the cost.
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We'll be playing football here for the foreseeable future. I don't claim to know what is right, what is responsible, etc because I don't see the numbers, but if something has to be done (repairs, new build, this, anything), kicking the can down the road only increases the cost in the long term. It won't get cheaper.
 
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LemonEars said:
Yep. We live in a time where the elites think that the world revolves around virtue signalling. The truth and reason take second place to any opportunity for virtue signaling.
Click to expand...

Paraphrasing the great Thomas Sowell to keep this PC: "the most fundamental fact about the ideas of the elites is that they do not work. Therefore we should not be surprised to find them concentrated in institutions where ideas do not have to work to survive.
 
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The Spin Meister said:
It will be more than one or two events….. my opinion only. No insider information here. Didn’t talk to cousin’s neighbor that works with son in law of the beautician for the wife of a board members secretary.

But they are putting in meeting rooms that can be rented out every week. Multiple groups would love to meet at the stadium if a tour is included.

Have classrooms there. Would be cool to have a restaurant with a view of the field with highlights playing in the big screens.

Would be awesome if they put in some suites that could be put on AirBNB or VRBO.

It’s a massive facility beloved by millions. Crazy not to monetize that.
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IDK what they think they can do or what the market will bear, but Luke Combs brought 80K fans. Usually the venue doesn't get much from tix, but concessions, parking, etc had be a pretty big net. Biggest question there is when the stadium is usable for large events. Combs was end of Apr, which can be cold, but let's say end of April through mid-august? Assume they would not use during the football season? Could a winter classic be held for hockey?
 
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heckmans said:
IDK what they think they can do or what the market will bear, but Luke Combs brought 80K fans. Usually the venue doesn't get much from tix, but concessions, parking, etc had be a pretty big net. Biggest question there is when the stadium is usable for large events. Combs was end of Apr, which can be cold, but let's say end of April through mid-august? Assume they would not use during the football season? Could a winter classic be held for hockey?
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Went to Peach Bowl. That stadium was wall to wall with concessions of some sort. Food, clothing, souvenirs, bling…..every tunnel/walkeay. Had to be hundreds. Am quite sure they paid a premium price to lease the space and likely paid a percentage of the gross sales. Plus a lot of licensed materials adding even more.

State College is a small city and Centre County is pretty rural but there is nothing within seventy five miles that can offer concerts and other major events. That’s a large area that would live to have the additional entertainment options.
 
The Spin Meister said:
Went to Peach Bowl. That stadium was wall to wall with concessions of some sort. Food, clothing, souvenirs, bling…..every tunnel/walkeay. Had to be hundreds. Am quite sure they paid a premium price to lease the space and likely paid a percentage of the gross sales. Plus a lot of licensed materials adding even more.

State College is a small city and Centre County is pretty rural but there is nothing within seventy five miles that can offer concerts and other major events. That’s a large area that would live to have the additional entertainment options.
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Agreed. Plus concerts seem to be moving to the stadiums. We had Luke Combs in April but the Stones and Billy Joel/Rod Stewart are touring. Last year it was Elton John and Keith Urban. I've read Pink Floyd and the Who are scheduling tours as well as you know who (Tay-tay). Then you have winter hockey and college playoff football. I can easily see a dozen events a year.

But the real value is in the brand exposure for PSU football. Can't have a crappy stadium and expect to be relevant (see Pitt football).
 
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